China Reinsurance (Group), China's only state-owned reinsurer, officially opened its first overseas branch on Monday in Singapore.
China Re’s Singapore branch marks another step between the two nations’ bilateral trade relations. The Singapore office will allow China Re to expand its operations to the Asia Pacific region.
“This branch office will act as a bridge for the insurance market between China, Singapore and the Asia Pacific region,” said Mr Yuan Linjiang, Chairman of China Re, adding, “deepening the financial and trade cooperation between Singapore and China and contributing to the professional development of Singapore as an international reinsurance centre.”
The Singapore office is headed by Mr Richard Lim who is China Re's CEO, Asia Pacific Region.
China Re applied for the branch licence in Singapore last November. MAS granted the licence on 3 June 2016.
The official opening ceremony was held at the Shangri-La Hotel in Singapore, and featured guests-of-honour Mr Lawrence Wong, Minister of National Development and a member of the Board of Directors of the MAS, and His Excellency Mr Chen Xiaodong, Ambassador Extraordinary and Plenipotentiary to the People’s Republic of China and the Republic of Singapore.